NHL commissioner Gary Bettman said owners have voted to approve a lockout Thursday if a new collective bargaining agreement is not reached before Saturday's midnight deadline, according to the Toronto Sun.
"We are not prepared to go forward without a collective bargaining agreement," said Bettman, according to the Toronto Sun.
Following a meeting between the owners and NHLPA on Thursday, the two sides still remain far apart in their negotiations, which could signal the start of a lockout.
NHLPA executive director Donald Fehr still has hope that a new deal can get done before the NHL is forced to enter its second lockout in eight years.
"The players want to find a way to make an agreement," Fehr said. "They want to negotiate until we do."
The talks continue to be held up over discussions of the revenue split between the owners and players. The current CBA splits revenues 57 percent for the players and 43 percent for owners. Current proposals from both sides lower the players' share to between 47 and 52 percent. Length of player contracts and revenue sharing also continue to pose problems in the bargaining talks.
There are no more talks scheduled between the two sides following Thursday's meetings.